Find short term lenders that will let you repay your loan early and save.
If you know you’ll be in a position to repay your short term loan off ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on early pay-off.
What to look for when comparing short term loan lenders
If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign/agree to the terms.
How short term loans work
What you need to do to repay your loan early
When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:
Check your loan contract
Your loan contract will establish any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.
Contact your lender
The contact information for your lender will be listed on any correspondence, as well as on the lender’s site. You can usually contact lenders by email or phone, and some also offer online chat.
Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled the more you can save.
Pay out your loan
Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure you can see the account is closed to avoid mistaken charges.
A selection of loans you can apply for
Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount and your state of residence.
A selection of lender connection services you can apply with
These lender connection services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to connect you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the providers’ max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
More guides on Finder
Best cash advance apps to get you to next payday
Compare the 8 best cash advance apps for low fees, high limits and more.
Apps like FloatMe
If this app’s $50 limit is too low, alternatives like B9, Earnin and Branch may be a better fit.
6 cash advance apps that work with Chime
Many pay advance apps don’t work with this online bank — but here are six that do.
Cash advance apps for instant money in 2022
Get at least $25 in as little as 20 minutes with these five apps for instant money.
A to Z list of cash advance apps
A comprehensive list of cash advance apps that our experts have reviewed, including Brigit, Dave and Earnin.
How to borrow money from Cash App in 2022
Select Cash App users can get a short-term loan for up to $200.
Apps like Possible Finance
Choose from 5 options to find the best pay advance solution. Top names like Dave and Brigit are joined by 3 other pay advance apps.
Apps like MoneyLion
MoneyLion is a pay advance app stacked with features — and hefty fees to match. We’ve lined up 6 alternatives to help you go easy on your wallet.
Apps like Lenme
If you’re considering using Lenme for a pay advance but its negative reviews are holding you back, we’ve lined up 7 alternatives that could offer more reliability and transparency.
5 apps like Klover
Get access to the money you’ve already earned with one of these secure options.
Ask an Expert